Gold inches higher amid lingering anxiety over Greek debt crisis

08:06, April 27, 2010      

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Gold futures on the COMEX Division of the New York Mercantile Exchange ended a tad higher on Monday, benefited from continued worries about Greek debt woes. Silver and platinum both rose.

The most active gold contract for June delivery rose 0.3 U.S. dollars, to finish at 1,154 dollars.

Although Greece has officially asked its European neighbors and the International Monetary Fund (IMF) to activate the bailout package worth about 45 billion euros last Friday, and help has been on the way for the debt-plagued country, investors remained cautious that Greece may one day admit that it could not pay off its huge debt, the financial health of other eurozone economies, like Portugal, may deteriorate soon or later. As a result, the safe haven buying demand from the European investors has given a strong support to the gold price, despite the stronger dollar and weaker energy price have placed a lid on it.

May silver was up 14.5 cents to 18.337 dollars per ounce. July platinum rose 3.3 dollars to 1,745.0 dollars an ounce.

Source: Xinhua


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